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Sounds like the engine is tired. Blue smoke is oil burning. Hard starting is oil on the spark plugs and/or low compression. This also can be due to someone adding too much oil. Sometimes, the carburetor Needle valve hangs u pa bit and the Crank case oil gets mixed with gas so now the oil level is high. Too much oil in a motor is bad too, that would cause theblue smoke too.
If it is overfilled, milky, or smells like gas. Your going to need to change that ASAP. It sounds like the float has stuck in the past or is still sticking, and it has flooded the crankcase with gas, which has mixed with the oil. And because it is overfilled it comes through the breather hose into the carb. This also explains the smoke most probably because the oil is spewing in the carb through the breather and being burned.
There is no sealer that will resolve a head gasket issue, if that is what you have going on. and, if the head gasket failed remember it is a victim and not the cause, something else in happening.
I suspect that you have a compression related failure, based on the oil consumption and the smoke is probably blow by. This issue requires surgery to diagnose and fix.
Really light smoke often appears blue. That light blue smoke as well as white smoke is oil smoke. (That is why some people will insist that oil smoke is blue...)
That is oil that has seeped into the combustion process. That most often is valve-stem seals/valve guides. The oil under the valve covers on top of the heads runs down the valve stem as the engine sits. (It is pretty unlikely that oil would seep up, past the rings...)
If that is the case, removing the heads and having the valve guides really fixed is the best solution.
You can inspect this problem without that level of disassembly, though.
After removing the valve covers and spark plugs. Turn the engine to get a piston near TDC (but not quite at TDC). You don't want the vale to be able to drop into the cylinder, but you want a little room between the valve and the piston top.
There is a type of valve spring compressor that has a pair of prongs that grip the spring, with a hand-wheel on top to push down on the retainer. Use a valve spring compressor like that to remove the valve-spring-retainer keepers, the valve-spring retainer and the valve spring(s) from 1 valve. Check the side to side play to see how the guide is. Check the condition of the seal. Check all the valves this way, unless you find right away that there is enough wear that rebuilding and reconditioning the head is necessary.